Economy
Petrol Pricing: CNPP Accuses NNPC of Economic Sabotage
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) has again hit hard at the Nigerian National Petroleum Company (NNPC) Limited, accusing it of economic sabotage.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the group claimed the state-owned oil agency has continued to hold the nation to ransom over its interference in the distribution of locally refined petroleum products.
CNPP, in the statement made available to Business Post, expressed deep concern about the lingering controversy surrounding the pricing of petrol from the Dangote Refinery and the role of the NNPC in the matter, stressing that the unresolved issue has far-reaching implications for the economy, livelihoods, and democracy in Nigeria and Africa.
The association warned that, “The failure to address this crisis may lead to catastrophic consequences for democracy in Nigeria and Africa, stating that it will continue to stand in solidarity with the Nigerian people as we demand immediate action to avert a looming danger and save our democracy.
It pointed out that the “recent revelation that NNPCL purchased fuel from Dangote Refinery at N898 per litre, contradicting earlier claims of N760 per litre, has sparked outrage. This discrepancy raises questions about transparency, accountability, and the potential for exploitation of the ordinary citizens.”
“We urge the federal government to intervene immediately and ensure that the pricing of petrol from Dangote Refinery is fair, reflective of production costs, and aligned with global standards,” the organisation stated.
The CNPP warned that the high pump price of petrol in Nigeria has a “direct impact on the cost of living, exacerbating hunger and hardship among the masses.”
“With fuel queues a common sight and prices tripling since the subsidy removal in May 2023, citizens are bearing the brunt of the inefficient energy policies of the President Bola Ahmed Tinubu administration.
“The CNPP therefore warns that if this crisis is not addressed within the next seven days, it may lead to a national outcry, threatening democracy in Nigeria and Africa,” it noted.
Speaking on the role of NNPCL and querying if it constitutes economic sabotage or protectionism, the CNPP stated that, “NNPCL’s interference in the distribution of locally refined petroleum products is nothing but national economic sabotage in an effort to conceal information and prevent Dangote Refinery from directly selling its petroleum products to marketers.
“NNPCL constituting itself as a middleman in the distribution of locally refined products undermines the oil refining companies’ potential to provide relief to Nigerians.
“We demand that the Federal Government of Nigeria, through its company, the NNPCL, ceases its meddling and allows Dangote Refinery to operate freely, ensuring competitive pricing and supply.”
Insisting the matter has impacts on democracy and accountability, the CNPP called on “the international community to hold the Federal Government and NNPCL accountable for their actions if this crisis escalates and breeds anarchy that threatens democracy in Nigeria and Africa.
“The concealment of information and lack of transparency in NNPCL’s operations are unacceptable.
For instance, NNPCL is said to be using crude oil for debt repayments either on its behalf or on behalf of the Nigerian federal government.
“But this has remained a secret or a mere speculation. If it is true, did the National Assembly approve such extra-budgetary expenditures? What are the processes and procedures adopted by the NNPCL leading to any agreement on loan repayment with our crude oil? Does the NNPCL under the Petroleum Industry Act own Nigeria’s crude oil to decide to do with it as it wishes? The CNPP strongly demands that the Federal Government categorically answer these questions as Nigerians deserve to know.
“The CNPP equally demands that President Tinubu officially directs that Dangote Refinery and other local refineries, as private businesses, operate without undue interference from the NNPCL,” CNPP stated.
While calling for immediate action, the CNPP said, “We also urge the Federal Government to immediately resolve the pricing controversy surrounding Dangote Refinery, ensure transparent and competitive pricing of petrol, allow Dangote Refinery and other local refineries to sell their products directly to petroleum marketers in Nigeria, address the high cost of living and alleviate hunger and hardship among the masses, and enforce presidential directive on an adequate supply of crude oil for domestic consumptions to Dangote Refinery and other local refineries in naira.
By Dipo Olowookere
A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.
This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.
Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.
Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.
There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.
The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.
On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.
A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.
Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its upward movement with a 0.26 per cent gain on Friday, January 17 amid renewed interest in unlisted stocks.
This raised the market capitalisation of the trading platform by N2.79 billion at the close of business to N1.075 trillion from the N1.072 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 8.08 points at the close of transactions to 3,111.91 points from the 3,103.83 points recorded at the previous session.
Yesterday, the volume of securities traded by investors went down by 606 per cent to 486,215 units from 1.2 million units, the value of shares shrank by 84.7 per cent to N2.8 million from N18.0 million, and the number of deals decreased by 65 per cent to 14 deals from the 33 deals carried out a day earlier.
In the final trading day of the week, there were three price gainers and one price loser, Geo-Fluids Plc, which lost 9 Kobo to finish at N4.70 per unit versus the preceding session’s price of N4.79 per unit.
On the flip side, Okitipupa Plc gained N3.60 to settle at N39.59 per share compared with the previous day’s N35.99 per share, Industrial and General Insurance (IGI) Plc added 3 Kobo to wrap at 36 Kobo per unit compared with the preceding session’s 33 Kobo per share, as FrieslandCampina Wamco Nigeria Plc improved its value by 49 Kobo to N39.65 per unit from N39.16 per unit.
At the close of business, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
The most active stock by volume (year-to-date) remained IGI Plc with 23.5 million units worth N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units sold for N134.9 million.
By Adedapo Adesanya
The Naira extended its appreciation against the US Dollar by 0.06 per cent or N89 Kobo on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 17, trading at N1,547.58/$1 compared with the previous day’s value of N1,548.47/$1.
Market analysts expect that the Naira will appreciate in the first quarter of the year, backed by continued policy support by the Central Bank of Nigeria (CBN).
Vestance Nigeria, an agribusiness advisory firm, projects that the exchange rate will trade between N1,650/$1 and N1,750/$1 this year in its Resilience and Recovery for Agribusiness in 2025 outlook report.
“The Central Bank of Nigeria (CBN) will continue implementing reforms to enhance exchange rate market transparency while maintaining higher interest rates to curb inflationary pressures and attract foreign portfolio management,” it said.
Also, the Nigerian currency improved its value against the Pound Sterling by N20.84 to wrap the session at N1,883.59/£1 versus the preceding day’s N1,904.43/£1 and against the Euro, the Nigerian currency gained N10.45 to settle at N1,590.34/€1, in contrast to Thursday’s closing price of N1,600.79/€1.
In the parallel market, the domestic currency appreciated against the greenback by N5 yesterday to sell for N1,675/$1 compared with the N1,675/$1 it was traded a day earlier.
As for the cryptocurrency market, there was profit-taking amid excitement for a new era of crypto-friendly US government mounts ahead of Donald Trump’s inauguration next week.
Crypto investors expect a change from Mr Trump who promised on the campaign trail to position the US as a leader in the crypto space including creating a national stockpile of Bitcoin, in stark contrast to past years’ regulatory crackdowns and enforcements.
Litecoin (LTC) fell by 9.9 per cent to trade at $124.56, Ripple (XRP) slumped by 6.2 per cent to $3.10, Cardano (ADA) dipped by 4.9 per cent to $1.06, Ethereum (ETH) dropped 3.1 per cent to finish at $3,270.61, Binance Coin (BNB) went down by 2.3 per cent to $698.57 and Dogecoin (DOGE) depreciated by 2.2 per cent to $0.3927.
However, Solana (SOL) rose by 8.8 per cent to end at $235.12, Bitcoin (BTC) expanded by 0.8 per cent to $102,494.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
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